New – a not (yet) will known Covid-19 Tax Credit – From the IRS – $10k Tax Credit

IRS CORONAVIRUS

IR-2020-62, March 31, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially […]

Paycheck Protection Program – What is included in “Average Monthly Payroll” & What can I use the money for?

Paycheck Protection Program

This article is an extracted from and article by Fenwick & West LLP. & Treasury Department website. Maximum Amount — The sum of (i) borrower’s average total monthly “payroll costs” during the one-year period leading up to loan origination multiplied by 2.5 (i.e., 2.5 times average monthly payroll costs) plus (ii) […]